In a report published Wednesday, Credit Suisse initiated coverage on Commercial Vehicle Group (NASDAQ: CVGI) with a Neutral rating and a $9.00 price target.

Credit Suisse noted, “We are initiating on Commercial Vehicles Group with a Neutral rating and a $9 target price. Given the current softness in the NA heavy-duty truck market (~40% of sales), we believe that it is too early to become constructive on CVGI. While the worst in orders is likely behind us, we do not expect a meaningful acceleration in the near-term. Construction markets (~25% of sales) will make up for some of the shortfall, but not be enough to offset a declining NA H/D market. Furthermore, the higher-margin and more defensive aftermarket only makes up ~15% of sales; therefore, while trucks age and aftermarket sales will probably increase, it is unlikely to make enough of an impact to drive EPS higher in 2013.”